Guam’s adult-use cannabis industry could lose to the black market unless the government allows residents to own more than one type of cannabis business, a prospective business owner told lawmakers Thursday morning.
At the very least, businesses should be allowed to grow and also manufacture cannabis products, Mike Mateo said during a public hearing on the rules and regulations for the island’s recreational cannabis industry.
That’s how the cannabis black market operates — by controlling cultivation, manufacturing, and sale — and legal cannabis businesses need to do the same to compete on price, Mateo said.
As currently written, the rules and regulations prohibit owning or having a financial interest in more than one type of cannabis business at the same time. Companies must be at least 51% owned by a legal resident of Guam who has lived here for at least three years.
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